财经理论与实践2026，Vol.47Issue(2)：27-34,8.DOI:10.16339/j.cnki.hdxbcjb.2026.02.004
耐心资本如何重塑半导体产业链韧性
How Does Patient Capital Reshape Supply Chain Resilience?
摘要
Abstract
Based on the theory of complex adaptive systems(CAS),this study employs fuzzy-set qualitative comparative analysis(fsQCA)to investigate the configurational pathways through which patient capital reshapes the resilience of China's semiconductor industry chain from 2010 to 2023.The findings reveal that semiconductor industry chain resilience constitutes a dynamic process of"agent adaptation-environmental selection-configurational emergence",manifesting across three dimensions:structural resilience,functional resilience,and ecological resilience.Government-guided funds and market-led funds are identified as relatively necessary conditions for strong resilience.However,its efficacy is contingent upon the interplay of its heterogeneous attributes-including capital intensity,duration,governance participation,and risk-sharing-with key contextual factors.This interplay crystallizes into three distinct,high-efficacy configurational pathways for enhancing resilience:the policy-anchored,ecology-symbiotic,and risk-buffering types.In light of these findings,this study proposes establishing a tiered support mechanism for patient capital,implementing differentiated resilience management strategies for industrial chains,deepening institutional designs that integrate digital technology with capital,and con-structing an emergency response system for industrial chain security.关键词
耐心资本/产业链韧性/复杂适应系统/资本属性/组态分析Key words
patient capital/supply chain resilience/complex adaptive systems/capital attrib-ute/configuration analysis分类
管理科学引用本文复制引用
潘为华,侯雪玲,潘红玉..耐心资本如何重塑半导体产业链韧性[J].财经理论与实践,2026,47(2):27-34,8.基金项目
国家社会科学基金后期资助项目(24FGLB033) （24FGLB033）
教育部人文社科研究项目(23YJC790102) （23YJC790102）
湖南省教育厅科学研究项目(22B0916) （22B0916）
